LONDON: Argentina has secured a total of three liquefied natural gas (LNG) cargoes for delivery this year from oil major BP, Norway's Statoil and US bank Morgan Stanley, trade sources said.
Latin America's No. 3 economy has struggled to source its record LNG requirement of 83 cargoes for this year as it tries to offset falling domestic supplies amid surging demand.
In its latest tender launched in April, state-run oil company YPF asked global suppliers to submit offers for seven cargoes to be delivered for the rest of the year. It has only been able to secure three of these.
"Argentina will pay around $16/mmBtu (million British thermal units) per cargo, plus or minus about 20 cents," one trade source said.
Argentina this month paid Gazprom $16.25-$16.50/mmBtu for a cargo from Egypt, according to data from energy consultancy Waterborne.
A recent slump in LNG demand from top global buyer Japan has shifted the spotlight from Asia to major Latin American economies Brazil, Argentina and Mexico, which are seeking to avert energy shortages by increasing imports.
Comments
Comments are closed.